Real Estate

Landlords: Insurance on rental property

  • Last Updated:
  • Jul 3rd, 2017 12:36 pm
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Jr. Member
Nov 4, 2008
171 posts
17 upvotes
vaughan
RobertSmalls008 wrote:
Jan 9th, 2016 7:55 pm
Different coverage's.

Different policy wordings.

Keep in mind, Square One Insurance is NOT the insurer.

They partner with other insurers (right off their website).

I know it is years ago, but in 2012, they only wrote 1.1 Million written premium.

All they need is a few catastrophic losses...
thanks, i found some older posts regarding the subj, will shop around more.
Newbie
Jul 19, 2016
2 posts
my insurance never stops going up ... with no claims.. will shop .. any recommendations?
Deal Addict
Apr 30, 2010
1430 posts
351 upvotes
Any recommendations on rental insurance for preconstruction house? Also does anybody know on average how much it cost per month on a rental property?
Member
User avatar
Jun 3, 2007
335 posts
40 upvotes
Too itchy wrote:
Aug 15th, 2016 3:49 pm
Any recommendations on rental insurance for preconstruction house? Also does anybody know on average how much it cost per month on a rental property?
Depends on the type of coverage, but I'd say around $100-150 per month.
Deal Addict
Dec 28, 2007
2747 posts
860 upvotes
Do these rental insurance cover damages if your suite is not legalized. Not sure if the insurance company will pay for damages caused by tenants in illegal suites.
Newbie
Dec 3, 2010
53 posts
9 upvotes
0
Only way to find out is to actually make a claim. I doubt they'll like the word "illegal" tho.
Penalty Box
Aug 19, 2008
1795 posts
364 upvotes
dgodsell wrote:
Sep 19th, 2012 4:28 pm
I insure two rental properties through my personal home and vehicle insurance provider. One rental home is across the street (duplex) and one is out-of-province (row-house). The duplex is $250 per year and the row-house is $350 per year. The insurer is Meloche Monnex.
That's unbelievably cheap. For some context, what are you paying for your personal home insurance?
Newbie
Dec 31, 2015
51 posts
11 upvotes
Donnie740 wrote:
Dec 12th, 2016 5:57 pm
That's unbelievably cheap. For some context, what are you paying for your personal home insurance?
That's insane cheap!!! I shopped around a lot and pay $103 per month. Yes I very good coverage though.
Sr. Member
Nov 2, 2014
800 posts
183 upvotes
Scarborough, ON
Donnie740 wrote:
Dec 12th, 2016 5:57 pm
That's unbelievably cheap. For some context, what are you paying for your personal home insurance?
Those numbers are not true (even if they had the bare bones Fire and EC policy).
Penalty Box
Aug 19, 2008
1795 posts
364 upvotes
ontariobrent wrote:
Dec 12th, 2016 7:12 pm
That's insane cheap!!! I shopped around a lot and pay $103 per month. Yes I very good coverage though.

I'm wondering if he's a tenant referencing his renters insurance rather than a landlord referencing his property insurance.

Seems impossible that any property in Ontario could be insured for $20 per month. Especially a rental - - just liability coverage alone would be more than that.

But this is the wonderful world of RFD where anything you can imagine is possible.
Newbie
Dec 17, 2012
59 posts
5 upvotes
GTA
How do people switch insurance companies without incurring extra cost?
My rental has different renewal dates than my primary residence. And my current insurance company says the only way that I don't have to pay a cancellation fee is at renewal time.
Sr. Member
Nov 2, 2014
800 posts
183 upvotes
Scarborough, ON
Zer0Zer0 wrote:
Jan 16th, 2017 11:30 am
How do people switch insurance companies without incurring extra cost?
My rental has different renewal dates than my primary residence. And my current insurance company says the only way that I don't have to pay a cancellation fee is at renewal time.
Cancel the rental policy on renewal and add it midterm to the policy for your primary residence.
Deal Addict
User avatar
Sep 1, 2005
4433 posts
752 upvotes
Markham
Question for the landlords on this thread...does your insurance cover tenant's loss due to refrigerator/freezer breakdown? If not coveraed, would you compensate your tenant for some/all loss or at least make a gesture of compensation?
We're all bozos on the bus until we find a way to express ourselves...

Failure is always an option...just not the preferred one!
Newbie
Dec 17, 2012
59 posts
5 upvotes
GTA
RobertSmalls008 wrote:
Jan 16th, 2017 12:21 pm
Cancel the rental policy on renewal and add it midterm to the policy for your primary residence.
Say my rental is up for renewal in February and my primary residence isn't up for renewal until September.
Then would it means that the rental will have no insurance until Feb to Sept?
Newbie
Dec 17, 2012
59 posts
5 upvotes
GTA
gr8dlr wrote:
Jan 16th, 2017 12:26 pm
Question for the landlords on this thread...does your insurance cover tenant's loss due to refrigerator/freezer breakdown? If not coveraed, would you compensate your tenant for some/all loss or at least make a gesture of compensation?
How much would your tenant's food be worth in the fridge/freezer?
You can consider buying him a gift card to Walmart or something and claim that as expense.
I don't think it is worth the trouble to go for insurance and there is the deductible too.

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